Measurement of household welfare : Individual and household willingness to pay and to accept
نویسنده
چکیده
The paper deals with the measurement of household welfare in a general and flexible framework: It defines measures of individual and household willingness to pay (and to accept) and examines their relationship. The sum of the individual welfare measures forms only an upper bound for the corresponding measure of household welfare. The bounds are tightened by introducing additional assumptions about the decision process within the household. The results derived prove helpful for the theoretical analysis of household behavior, for the evaluation of nonmarket goods in environmental and public economics and for contingent valuation.
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